Bankrupt Sports Authority to Shutter Up to 200 Troubled Stores

Sports Authority Inc., as widely anticipated, filed for bankruptcy on Wednesday after the Englewood, Colo., sporting goods retailer failed to overcome competitors on both the traditional and online fronts. The portfolio company of Los Angeles private equity firm Leonard Green & Partners LP, on March 2, submitted its Chapter 11 petition in the U.S. Bankruptcy Court for the District of Delaware in Wilmington. Six related entities also filed petitions. The companies requested joint administration with Sports Authority Holdings Inc. serving as lead case. In a Wednesday statement, Sports Authority said it had secured $595 million in debtor-in-possession financing to fund the Chapter 11 process. (The company didn't provide additional details about the financing as of Wednesday morning.) In a same-day declaration, Stephen Coulombe, senior managing director at financial adviser FTI Consulting Inc., said Sports Authority has identified up to 200 underperforming store locations that it may close.